Pantera Minerals’ EnergyX Signs Binding 10-Year Trafigura Lithium Offtake
Key Takeaways
- EnergyX has signed a binding, take-or-pay, 10-year offtake with Trafigura for 100,000 tonnes of battery-grade lithium products, its first publicly announced lithium offtake.
- Pantera holds 2.34 million unlisted EnergyX shares carried at approximately A$42 million (unaudited), but it isn't a party to the deal and its exposure is indirect.
- Black Giant™ in Chile takes 66% of Phase 1 offtake as lithium carbonate, and Lonestar in Texas takes 30% as lithium hydroxide.
- The roughly US$2 billion revenue figure is EnergyX's indicative estimate at about US$20,000 per tonne lithium, not a fixed contract value or revenue attributable to Pantera.
- Production targets of 2028 at Black Giant™ and 2029 at Lonestar still depend on financing, including a non-binding US$690 million EXIM letter of interest, with financial close not yet reached.
EnergyX signs binding 10-year Trafigura lithium offtake
Pantera Minerals (ASX: PFE) holds a strategic 2.34 million share interest in unlisted EnergyX, and that company has now signed a binding, take-or-pay, 10-year EnergyX lithium offtake with Trafigura. The agreement covers 100,000 tonnes of battery-grade lithium products.
It is EnergyX’s first publicly announced lithium offtake agreement. All offtake details come from the public announcements of EnergyX and Trafigura, and Pantera has not independently verified them.
Pantera is not a party to the agreement, so its exposure is indirect.
Barnaby Egerton-Warburton, Executive Chairman and CEO
“…a significant milestone for EnergyX, the company in which Pantera holds a strategic interest…”
“It reinforces the rationale for the strategic position Pantera took in EnergyX…”
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Offtake covers Black Giant™ and Lonestar projects
An offtake agreement is a contract under which a buyer commits to purchase a project’s future output. Here, the output comes from two EnergyX projects, one in Chile and one in Texas.
Deal structure at a glance
| Item | Detail |
|---|---|
| Counterparty | Trafigura |
| Term | **10 years** |
| Volume | **100,000 tonnes** of battery-grade lithium products |
| Structure | Binding, take-or-pay |
| Black Giant™ (Antofagasta, Chile) | **66%** of Phase 1 offtake, lithium carbonate |
| Lonestar (Texas, United States) | **30%** of Phase 1 offtake, lithium hydroxide |
According to Trafigura, those are the Phase 1 allocations for each project.
Revenue and financing context
The headline numbers need careful reading. Several are estimates or targets, not contracted outcomes:
- About US$2 billion in revenue over the term is EnergyX’s indicative estimate, based on an assumed lithium price of roughly US$20,000 per tonne. It is not a disclosed fixed contract value, profit forecast, or revenue attributable to Pantera.
- EnergyX is targeting commercial-scale production at Black Giant™ in 2028 and Lonestar in 2029. These are development targets, not confirmed delivery commencement dates.
- The parties state the offtake supports the bankability of EnergyX’s projects, alongside the previously announced non-binding US$690 million letter of interest from the Export-Import Bank of the United States (EXIM). Financial close has not been reached.
The public announcements do not disclose the detailed pricing formula, minimum prices, delivery schedule, conditions precedent or termination provisions.
What does take-or-pay offtake mean for lithium developers?
Under a take-or-pay structure, the buyer generally commits to pay for agreed volumes whether or not it ultimately takes delivery. For a developer, that kind of commitment can provide revenue visibility.
Lenders typically look for offtake before financing a project. EnergyX identifies offtake as a key requirement for its proposed financing tied to the EXIM letter of interest and additional project-finance lenders.
Trafigura describes itself as one of the world’s largest physical commodity trading groups. Founded more than 30 years ago, it employs approximately 14,500 people and operates in more than 150 countries, according to its own announcement.
Significance for Pantera shareholders
Holding and carrying value
Pantera holds 2.34 million unlisted EnergyX shares, with an indicative carrying value of approximately A$42 million. That figure is unaudited and based on the most recent priced EnergyX capital raising, converted at an indicative AUD/USD exchange rate, as referenced in Pantera’s 7 July 2026 announcement.
It is not a quoted market price and may not represent the price at which Pantera could realise its holding. Pantera is not announcing a revised valuation, and the number of shares it holds is unchanged.
Key points for investors
What this means for you is that the news is relevant but indirect:
- The offtake is the first publicly announced binding offtake for the underlying projects.
- Pantera’s exposure is indirect only, with no direct entitlement to sales proceeds.
- Pantera has not reviewed the underlying contract or independently verified the information.
- Commercial production and deliveries remain dependent on project development, including relevant approvals, financing, construction, commissioning and operating performance.
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What to watch next
Watch EnergyX’s financing progress, including the proposed EXIM-linked financing and additional project-finance lenders, along with project development milestones. Pantera has said it will continue to disclose material developments concerning its investment in accordance with its continuous disclosure obligations.
Beyond EnergyX, Pantera is a critical minerals exploration and development company focused on projects across the United States, with a particular focus on Arkansas.
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